<div dir="ltr">I mean if you are going to go that far, might as well call SETI and tell them to pack up, because obviously there is no aliens and not worth the endeavor </div><div class="gmail_extra"><br><br><div class="gmail_quote">
On Mon, Apr 15, 2013 at 12:57 PM, Stephen Kraus <span dir="ltr"><<a href="mailto:ub3ratl4sf00@gmail.com" target="_blank">ub3ratl4sf00@gmail.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div dir="ltr">No, I think it can still be considered a science. Its not like trying to hunt ghosts or studying paranormal animals, it is still based on solid grounds of statistics, mathamatics, and game theory.<br><br>Just because you distrust it doesn't exactly invalidate it as a scientific endeavor, modeling how economic systems work and the many variables therein still requires some level of understanding vs. just making things up.</div>
<div class="HOEnZb"><div class="h5">
<div class="gmail_extra"><br><br><div class="gmail_quote">On Mon, Apr 15, 2013 at 12:45 PM, Randy Yates <span dir="ltr"><<a href="mailto:lpcustom@gmail.com" target="_blank">lpcustom@gmail.com</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div dir="ltr">And predictions in economics can be completely based upon currently known variables and observations of past events, but the predictions can be completely invalidated based solely on the prediction being stated. Are you understanding how that's not a science?</div>

<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr">Randy,<br><br>As far as weather, you are absolutely correct, but of course predictions for weather are made based on the currently known variables and their results, it cannot totally predict every small change that can have vast changes on a system overall (see Chaos theory for why)</div>

<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr">We can turn lead into gold, but I wouldn't touch it afterwords.<br><br>As much as Sturgeon's Law appeals, it really has no actual basis, there are no statistics to back it ('Most Statistics are false', and do go as far to say 90% of all published materiel is crap, that is most likely false.</div>

<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div dir="ltr">By the way, I'm not claiming to be an expert in economics. It's not a science, despite the claims. I've seen too many economics experts arguing with other economics experts with totally opposite views. A chemist can't turn mercury into gold by talking about it. A nobel prize winning economics expert, however, can change a lot about the economy by simply making an appearance on TV or writing an internet article. <br>

<br>Need a for instance on that. The recent Bitcoin bubble is a direct result of news articles and such about dun da da dun Bitcoin. <div><br>I also don't view bitcoins as a viable currency, and if I were an economics expert, I'd make a few media appearances stating that. People would lose faith in bitcoins....they'd stop mining and buying/selling them. The price would plummet. Then I could go buy a bunch. Then I'd get one of my colleges to go on TV saying that they are a great investment. The price would rise back up, and I'd be so rich I'd never have to read another economics book or even look at a number if I didn't want to. </div>

<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr">2140 is the estimated year of the last bitcoin I think. Also, bitcoins can be divided into 8 decimal places. If there are 21,000,000 bitcoins...you could also look at it like there are 2,100,000,000,000,000 units of currency.</div>

> I criticize it because numerous economics professors criticize it.<br>
<br>
</div>I don't think you need to look to outside sources for reasons to be<br>
skeptical of bitcoin, on the other hand there are tremendous profits<br>
to be made from bubbles if you can figure out when to get off.<br>
<br>
Objects have value because people collectively believe they have<br>
value, but currencies also have the property where too much rarity<br>
means they're no longer usable as a currency. Collector's items aren't<br>
fungible, which means they don't work as currency: You have to find a<br>
buyer for that specific item.<br>
<br>
I believe the overall concept is flawed for a simple reason: Currency<br>
supply is capped at at 21 million bitcoins. Over time bitcoins will be<br>
lost, people will die and not leave codes to their wallets, hardware<br>
will fail, entropy occurs.<br>
<br>
Which means that the currency supply will, inevitably, shrink. This,<br>
to a point, encourages hoarding, until people lose faith in the<br>
currency and it collapses entirely.<br>
<br>
The question is: how far off is that time?<br>
<br>
So, yeah, you won't find me playing in that bubble, but if you wanna<br>
soak some suckers on the rise up, no skin off my nose... And who<br>
knows, that rise may last for years and years.<br>
<span><font color="#888888"><br>
Dan<br>
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